This introductory text thoroughly
explores the processes now driving globalization, their consequences
for the structure of the world economy, and the concepts needed to
understand what is unfolding.

NEWEmphasizes transition  the replacement
of a global system that prevailed until 1980 by a new world order
driven by both technological and political forces.
NEWDraws together systematically the current
understanding of the radical shifts now underway in the international
economy, including the newly emergent theories of location and
of trade.NEWReshapes the text into 12 chapters organized
around the theme of globalization.NEWCh. 1 explores the role of political and
technological changes in the worldwide triumph of markets, the
role of multinational enterprise in the process of globalization,
and the emergent bases of competitive advantage.NEWCh. 2 examines the declining role of the
nation-state and the continuing reinforcement of cultural differences
at both civilizational and regional scales.
NEWChs. 3-5 focus on the declining role of
the original factors of production, population and resources, in
global development.
NEWChs. 6-10 present the resulting shifts
in locational choice and regional specialization:

Elementary price theory leads to a discussion
of rents, to the decline of Thünenization in the face of plummeting
transportation cost, and to the ascendance of Ricardian Development
in a world of created resources.

Elementary comparative cost theory leads to a
discussion of scale and externalities and to the role of increasing
returns in the new geography of concentration.

Elementary long-wave theory leads to a discussion
of the role of the new information technologies in corporate downsizing,
to the emergence of decentralized networks of interdependent specialists,
and to the appearance of the world of telework.

NEWChs. 11-12 consider the consequences of
increasing specialization and interdependence  the new forms
of global transactions that are replacing the older geography of world
trade.
NEWDefines all terms in a glossary.Provides objectives, boxed highlights, lists of terms,
suggested readings, and discussion topics for each chapter.